(WLTX) -- Most Americans want to reduce debt and expenses and increase their savings so News19 is on your side with ways you can save up to $9,000 this year.
Fee-only Financial Planner Laura Scharr Bykowsky shared 8 tips for saving big this year.
1. Reevaluate your insurance: get competing quotes, increase deductibles Increasing your deductibles from say $250 to $500 on your home and auto coverage can save you roughly 20% on your premiums or up to $400 for the typical household. You can also save big on your life and disability if you are 55 and older by replacing your group disability and life with individual coverage.
Potential savings $400-$1,000+
2. Lose Your Landline- forego the landline altogether for a savings of $500 on average.
Potential savings up approximately $500.
3. Shop Smart: There are excellent price comparison apps you can use with your smart phone to research prices for items before your buy. Amazon Price Check, Bar Code Scanner and FreePriceAlerts.com. If you save 10% off your purchases of say $5,000 a year that is a savings of $500.
Potential Savings: Up to $500.
4. Switch to Generic Drugs- Research generics at your insurer's website or on medicare.gov.
The savings even for your co-pays could result in roughly $60/mo savings or over $700/yr.
5. Only Buy Groceries on Sale- Plan your meals around sale items and buy in bulk when items are on sale you can cut your grocery bill by 15%.
Potential savings $1350 assuming an average monthly bill of $750.
6. Use a car buying service: consider using Zag or Truecar.com.
Potential savings an average of roughly $4,000 off the suggested retail price or roughly $900 annual savings for a 5 year car loan.
7. Reduce Your Investment Costs using index funds and low cost managers: American consumers bemoan a small dollar increase in debit charges or cable bills but they turn a blind eye to their investment costs. Build a portfolio of index funds and save of $2,000 a year compounded over time. Consider hiring a fee only planner that charges by the hour or charges no more than 1% of assets managed. You can search for planner on NAPFA.org or garrettplanningnetwork.com.
Potential savings = $2,000 a year+ for investments of $200,000.
8. Refinance your mortgage: With rates historically low if you haven't refinanced you may want to look into doing so now.
Potential Savings- $3,000/yr for a loan of $175K assuming you reduce your rate by 2%.
You can get more tips for saving at ascendfinancialplanning.com.